Inventory Management & ControlFinancial Management

Introduction

This intensive course is tailored for staff members in the manufacturing and retail sectors that keep inventory in the course of their normal business.  It highlights the importance of managing and controlling the inventory system.

Key Takeaways

Upon completion of this workshop, participants will be able to answer the following questions, and more - 

• “What are inventories?” 
• “How can different inventory values result in a profit or loss?”
• “What are the problems of over-stocking and under-stocking?”
• “How are inventory transactions recorded in the books of accounts?”
• “How do I deal with stock obsolescence?”
• “What are the two common systems of accounting for inventories?”
• “How the two systems differ?”
• “What are the different methods used for inventory valuation?”
• “What is the optimum quantity of inventory to re-order each time?”
• “How can I know which inventory items are more critical than the others?”

Who Should Attend

Any non-finance professionals in management, marketing, sales, production, engineering, design, human resources, technology, legal, administration and planning who need an overview and a basic understanding of how to account for and manage inventories. 

Programme Outline

1. The Accounting Equation
2. Double-Entry System
3. How inventory is related to the Income Statement and Balance Sheet
4. How inventory values affect the Income Statement and Balance Sheet
5. Types of Inventories
6. Accounting concept relating to inventory valuation
7. Different inventory valuation systems and methodologies
8. How to optimize inventory 
9. Identifying which inventory items are critical

Methodologies

A Course Handout will be provided.  It has practical exercises so that participants can apply the concepts and procedures taught.  

*Each participant needs to bring along a calculator.

Programme Trainer

Raymond Ang holds a Bachelor of Business Administration degree from the University of Singapore, as well as a Master of Applied Finance degree from Macquarie University, Sydney.
He has more than 35 years of working and training experience in the areas of accounting, finance and statistics.  One of his past projects was the successful computerisation of the manual accounting and inventory management system for an engineering company. Besides conducting training and seminars for corporate clients and the public, he also gives lectures on accounting, finance and statistics courses at foreign universities represented by local educational institutions.